Home Money & Finance 7 Things to Do If You Just Lost a Lot of Money

7 Things to Do If You Just Lost a Lot of Money

by Olufisayo
Lost Money

Gambling is a pastime enjoyed by millions of people the world over. It spans ethnicity, religion, race, and nationality. It occurs in private homes, back alleys, large glamorous casinos, and online. It’s the act of chasing an elusive dream, a form of entertainment, and for some, a compulsion.

However, gambling is a game of chance, luck, and ultimate loss. Those of us who gamble understand the premise that the house always wins. Gambling is a business designed for casinos to earn money. Jackpots and large table stakes may come to us. But, over time, we all lose more than we can ever recoup.

Sites such as casino sverige exist to try to help the player mitigate those losses. They advise on the best casinos for return to player, volatility, and bonuses. Authors, such as Dominic Andreasson, who is an expert on the hobby of gambling, add to that advice.

In Sweden, gambling is for entertainment. The enjoyment of the game is the primary goal. The Swedish laws that cover gambling have existed since 1994. Swedish gamblers face issues with compulsive gambling at lower rates than the rest of the world. This article will look at how to deal with a significant loss of money.

How to Cope With a Large Loss

For most of us, financial issues are the most stress-inducing of the things we face in life. Money worries top the list for most of us. The sudden, unexpected loss of a large amount of money is an issue that we dread. A considerable loss can be devastating for someone who has lost money in slot machines or an online poker game.

Psychologists recommend doing certain things in such a crisis to combat the problem. They also have recommendations for what not to do in this sort of situation.

          Things we should not do:

  • Don’t suppress or “bottle up” your feelings. This response can create pressure that could erupt in unintended ways. Its potential snap at your loved ones will only heighten the problem.
  • Don’t blame. Deflecting the blame of the situation on someone or something else is never a good idea. By avoiding our responsibility, we never learn how to avoid the problem, to begin with. Accepting our role in the loss leads to healing and growth.
  • The adage, “throwing good money after bad” is relevant here. Most of us experience the thought of wagering more to make up for the loss. This is an extreme mistake. Walk away.

          Positive responses:

  • Accept the loss – lost money will never be found. Acknowledge the loss. Be honest with yourself and loved ones about it, and move on.
  • Cut expenses – if you normally set aside money for gambling, use it to help counter the lost funds. Do this until the money situation has returned to normal.
  • Never gamble with the family’s money – this is a touchy one. Gambling with money intended for household expenses is never a good idea. A responsible gambler knows he will lose.
  • Don’t borrow money to cover the loss – this is imperative. Borrowing money only magnifies the loss; now, you’re losing more money each time the payment is due.
  • Take a break – stop gambling, for a while at least. Don’t wager more to make up for the loss. Seek guidance and help if needed.

The Cost of Loss

The Swedish Longitudinal Gambling Study reports that problem gambling is a health crisis. This is the conclusion after a study of individuals who reported gambling in Sweden.

While the study reports that the issues cover all classes, those in the working class are most affected. Men, who are often the highest group, are now being closely followed by women. New gamblers are surpassing experienced gamblers with reported problems. Younger gamblers between the ages of 18-25 are currently in the higher category.

The results of this study serve as a reminder that the problems with gambling are widespread. While entertaining and fun, gambling also carries with it a darker side. This can lead to hopelessness and financial misfortune.

Finding Help and Helping Others

Gambling can provide pleasure, relaxation, and escape from the daily problems of life. It also has the possibility of creating problems. Extreme losses are a matter of perspective. Perhaps €3,000 is easy for you to do without, yet another might find that irreplaceable. Large or small, lost money while gambling should be planned for. It should be something we accept even before we lose it.

A brief search of the web shows numerous resources for those dealing with gambling issues. Some sites provide peer support from others with similar problems. Helplines on both the phone and the web for gambling problems are available. There are professionals like behavioral therapists and psychologists who can help.

Keep gambling fun. If you can’t, then stop. Play responsibly, enjoy the game, and walk away when you’re losing.

Photo by Nathan Cowley from Pexels

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